FAQS
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October 7, 2024
Lesson: Check beneficiary/POD designations
Lesson: Check beneficiary/POD designations Story: Rick’s wife is deceased, and he has two children, Jack & Jill. Jack always said he would take care of his dad, Rick, as he aged so Rick had a Will prepared leaving a disproportionate share of his estate to Jack and made Jack his Executor and Power of Attorney. …
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August 27, 2024
What is the difference between a Lady Bird Deed and a Transfer on Death Deed?
What is the difference between a Lady Bird Deed and a Transfer on Death Deed? Lady Bird Deeds (or more formally: Enhanced Life Estate Deeds), have been used historically to transfer real property upon death. More recently, the statutory creation of a Transfer on Death Deed (or TODD) offers another way to transfer real property …
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August 2, 2024
I have a fairly simple estate, can I plan to avoid probate?
Probate is typically not difficult or expensive if you have a well-designed estate plan. However, if you do not have a complex estate, you may desire to plan for probate avoidance. Enhanced Life Estate Deeds (Lady Bird Deeds) or Transfer on Death Deeds (TODDs) can be used to pass real property outside of the probate …
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July 2, 2024
Do you have a child who is 18 years old and going to college?
Do you have a child who is 18 years old and going to college? Once “children” reach the age of 18, they are now legally adults. Parents can no longer make medical decisions or access medical information unless the adult child grants permission. Also, if a child is no longer claimed as dependent on tax …
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June 25, 2024
What is the statute of limitations for probating a Will after someone passes?
What is the statute of limitations for probating a Will after someone passes? The statute of limitations for probating a Will is four years from the date of death. However, sometimes the only asset in the estate is real property and because that is typically not sold immediately after a death, people don’t realize they …
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January 2, 2024
Does the Corporate Transparency Act requirements for Beneficial Ownership reporting affect you?
If you are a business owner, the new requirements of the Corporate Transparency Act probably affect you! Beginning January 1, 2024, most businesses are required to disclose information about beneficial ownership. Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company. Businesses formed prior to January …
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December 7, 2023
Do I need to file my Will or should I give copies to my family?
Do I need to file my Will or should I give copies to my family? While you may deposit your Will with the County Clerk for safekeeping during your lifetime, it is not necessary to do so. It is typically best to retain control of your Will and to keep it in a safe place. …
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October 31, 2023
What is a Lady Bird Deed and how can I use it to as part of my estate plan?
What is a Lady Bird Deed and how can I use it as part of my estate plan? Enhanced Life Estate Deeds (aka Lady Bird Deeds) are a tool that can be used in estate planning to keep real property out of probate. Essentially, the maker of the deed gives a remainder interest in their …
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December 5, 2022
Should I use a Special Warranty Deed, General Warranty Deed, or Quitclaim Deed when selling or acquiring property?
Should I use a Special Warranty Deed, General Warranty Deed, or Quitclaim Deed when selling or acquiring property? Generally, Sellers prefer to use a Special Warranty Deed and Buyers prefer to use a General Warranty Deed. The “Warranty” refers to the warranty of title given in the deed. A General Warranty Deed warrants absolute title …
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September 16, 2022
Should I get a new Durable Power of Attorney since the 85th Legislature changed the Estates Code affecting powers of attorney?
The 85th Legislature changed the Estates Code affecting powers of attorney as follows: Requires third parties to accept durable powers of attorney (with some exceptions) Changing the language of the Statutory Durable Power of Attorney Changing the level of fiduciary duty of the agent Allowing for the agent to appoint a successor agent Allowing for …
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